AustCham fronts the Australian Financial Review: Expats urge Scott Morrison to rethink 'draconian' Capital Gains Tax

The following article was published on Australian Financial Review on 4 October 2018.

Canberra/Shanghai: Federal government plans to slug expats millions in capital gains tax if they sell their homes while living overseas could be at risk, amid growing concern from Labor and Senate crossbenchers.

Some 100,000 Australians living and working overseas face losing a capital gains tax exemption on their main residence if they sell the property while based overseas as part of housing affordability measures announced in the 2017 budget.

Expatriates in Hong Kong have launched a global campaign to overturn the proposal, arguing it was punishing professionals for working overseas, wiping out the life savings of ordinary workers and would make it harder for Australian firms to recruit staff to offshore offices.

Read the full story at here.

*A correction was made to the online version of this article to identify the Australian Chamber of Commerce in Hong Kong as leading the global campaign, not the Hong Kong Chamber of Commerce.